HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Innovent Biologics Inc / Equity Bottom-Up

The year 2021 marks the 10th anniversary of the establishment of <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>. During this decade, Innovent has launched 5 products, 4 of which entered China's national medical insurance catalogue. Meanwhile, last week, Innovent also released its 2021/1H financial report. The revenue was RMB1.94 billion, up 97.29% YoY. Net loss was RMB1.175 billion, up 93.25% YoY. This article mainly analyzed the 2021/1H performance, the commercialized products, the pipeline, the concerns and the outlook of the Company.

The year 2021 marks the 10th anniversary of the establishment of Innovent Biologics Inc (1801 HK). During this decade, Innovent has launched 5 products, 4 of which entered China's national medical insurance catalogue. Meanwhile, last week, Innovent also released its 2021/1H financial report. The revenue was RMB1.94 billion, up 97.29% YoY. Net loss was RMB1.175 billion, up 93.25% YoY. This article mainly analyzed the 2021/1H performance, the commercialized products, the pipeline, the concerns and the outlook of the Company.

Innovent Biologics (1801.HK) - The Strength and the Concerns

Equity Capital Markets

The PD-1/L1 market is one of the most competitive drug markets in the world. After <a href="https://www.smartkarma.com/entities/lepu-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:33231:1" rel="noopener">Lepu Biopharma (LBP HK)</a>, whose core product is PD-1, officially started its IPO process in HKEX in April this year, another bio-pharmaceutical company, <a href="https://www.smartkarma.com/entities/3d-medicines-inc" target="_blank" data-smartkarma-citation="entities:33790:1" rel="noopener">3D Medicines (3DM HK)</a> (“3DMed”) submitted its prospectus to the HKEX on June, 30, 2021 based on its core product PD-1 as well. 3DMed is committed to the development and commercialization of a new generation of immuno-oncology therapies with differentiated clinical profile in response to the trend of treating cancer as a chronic disease. This insight mainly analyzed its core product and the pipeline.

The PD-1/L1 market is one of the most competitive drug markets in the world. After Lepu Biopharma (LBP HK), whose core product is PD-1, officially started its IPO process in HKEX in April this year, another bio-pharmaceutical company, 3D Medicines (3DM HK) (“3DMed”) submitted its prospectus to the HKEX on June, 30, 2021 based on its core product PD-1 as well. 3DMed is committed to the development and commercialization of a new generation of immuno-oncology therapies with differentiated clinical profile in response to the trend of treating cancer as a chronic disease. This insight mainly analyzed its core product and the pipeline.

Pre-IPO 3D Medicines - Insights on the Core Product, the Pipeline and the Concerns

After listing on NASDAQ and HKEX, <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a> will be listed on the SSE STAR market again in the near future. Meanwhile, after successive years of losses, BeiGene finally turned profitable for the first time in the first quarter of 2021. By the end of July 23, 2021, the market value of BeiGene in HKEX and NASDAQ was about HK$226.5 billion and US$29.2 billion, respectively. It is highly probable that the market value of the BeiGene in the SSE STAR market would exceed RMB200 billion after its listing as well. Behind the successful capital operation, what challenges would BeiGene face in the future?

After listing on NASDAQ and HKEX, BeiGene Ltd (6160 HK) will be listed on the SSE STAR market again in the near future. Meanwhile, after successive years of losses, BeiGene finally turned profitable for the first time in the first quarter of 2021. By the end of July 23, 2021, the market value of BeiGene in HKEX and NASDAQ was about HK$226.5 billion and US$29.2 billion, respectively. It is highly probable that the market value of the BeiGene in the SSE STAR market would exceed RMB200 billion after its listing as well. Behind the successful capital operation, what challenges would BeiGene face in the future?

Pre-IPO BeiGene Ltd - Concerns on Commercialization

Transcenta Holding / Equity Capital Markets

Recently, <a href="https://www.smartkarma.com/entities/transcenta-holding-limited" target="_blank" data-smartkarma-citation="entities:33523:1" rel="noopener">Transcenta Holding (THL HK)</a> has passed the listing hearing of the HKEX and is expected to be listed on the main board in the near future. Transcenta is a clinical stage global biopharmaceutical company that integrates the capacities of discovery, research, development, manufacturing and business development, with nine product candidates in the pipeline, eight of which are oncology drug candidates. This insight mainly analyzed the important product candidates (such as MSB2311, TST001, TST005 and MSB0254) in the pipeline and related concerns.

Recently, Transcenta Holding (THL HK) has passed the listing hearing of the HKEX and is expected to be listed on the main board in the near future. Transcenta is a clinical stage global biopharmaceutical company that integrates the capacities of discovery, research, development, manufacturing and business development, with nine product candidates in the pipeline, eight of which are oncology drug candidates. This insight mainly analyzed the important product candidates (such as MSB2311, TST001, TST005 and MSB0254) in the pipeline and related concerns. 

Pre-IPO Transcenta Holding - Insights on Pipeline and the Concerns

On June 25, 2021, “something strange” happened to <a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a>. Its share price fell 16.61% in one day, closing at HK$10.14/share, and the market value decreased about HK$5 billion. On Monday, June 28, 2021, its share price continued to decline to HK$9.79/share. No matter which institutions reduced holdings, in fact, 3SBio's future performance still depends on the Company's fundamentals and business outlook. So, this insight mainly analyzed the important products, the pipeline and the concerns of 3SBio.

On June 25, 2021, “something strange” happened to 3SBio Inc (1530 HK). Its share price fell 16.61% in one day, closing at HK$10.14/share, and the market value decreased about HK$5 billion. On Monday, June 28, 2021, its share price continued to decline to HK$9.79/share. No matter which institutions reduced holdings, in fact, 3SBio's future performance still depends on the Company's fundamentals and business outlook. So, this insight mainly analyzed the important products, the pipeline and the concerns of 3SBio.

3SBio Inc (1530.HK) - The Concerns and the Outlook

China

Shanghai Henlius Biotech, Inc develops and produces drugs. The Company develops and produces monoclonal antibody biosimilar drugs, bio betters, novel monoclonal antibodys, and other drugs. Shanghai Henlius Biotech throughout China.

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Shanghai Henlius Biotech (2696 HK)

Innovent Biologics (1801.HK) - The Strength and the Concerns

This article analyzed Innovent about 2021H1 performance, commercialized products, pipeline, concerns of the Company, and also include thoughts on...

Xinyao (Criss) Wang

Pre-IPO 3D Medicines - Insights on the Core Product, the Pipeline and the Concerns

This insight mainly analyzed 3D Medicines in terms of its core product envafolimab (the competition pattern and prospects), clinical-stage product...

Xinyao (Criss) Wang

Pre-IPO BeiGene Ltd - Concerns on Commercialization

The article mainly analyzed the three core products (tislelizumab, zanubrutinib and denosumab) of BeiGene, the competitive landscape in China and...

Xinyao (Criss) Wang

Pre-IPO Transcenta Holding - Insights on Pipeline and the Concerns

The article mainly analyzed Transcenta Holding in terms of its important product candidates MSB2311, TST001, TST005 and MSB0254,including the...

Xinyao (Criss) Wang

3SBio Inc (1530.HK) - The Concerns and the Outlook

This insight mainly analyzed the potential reasons behind the decline in 3SBio Group's share price, the important products, the pipeline, the...

Xinyao (Criss) Wang

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